The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, remains at $17,500, for a combined maximum total contribution of $35,000 for calendar year 2014.

An additional deferment is available to employees age 50 and over. These employees can defer up to $5,500 in addition to their regular contribution amount, for a combined total contribution limit of $23,000 in 2014. However, employees cannot choose to have both the “Retirement Catch-Up” and the “50 and Over Catch-Up” additional amounts deferred in the same year.

OSC Actions

OSC will update the Savings Plan Tables to allow the new maximum amounts to process.

Questions

Questions regarding this bulletin should be emailed to the Payroll Deduction mailbox.